NEW YORK- In an unprecedented achievement for the Massachusetts cannabis market, dispensaries across the state reported a record-breaking $1.56 billion in sales in 2023. This milestone, as reported by the Cannabis Control Commission (CCC) and highlighted by Boston 25 News, underscores the robust consumer demand for legal, lab-tested cannabis products despite facing several industry and regulatory challenges throughout the year.
December 2023 emerged as the industry’s most profitable month yet, with licensed retailers recording $140.1 million in sales of adult-use cannabis products, surpassing the previous monthly record set in August 2023. The state currently oversees 338 dispensaries and 21 cannabis delivery companies, reflecting a significant expansion in the cannabis market infrastructure. The year-on-year sales increase of approximately $78 million, or about 5%, signals a continuing growth trajectory for the sector.
However, 2023 was not without its upheavals for the Massachusetts cannabis industry. The sector faced instability following the unexpected removal of CCC Chair Shannon O’Brien in September, an action that led O’Brien to file a lawsuit against the state treasurer. The subsequent suspension of two more top CCC officials in December further compounded the agency’s challenges, sparking calls from lawmakers for an investigation into its operations.
Despite these hurdles, CCC Acting Chair Ava Concepcion remains optimistic about the future of the cannabis market in Massachusetts, describing it as “still a maturing market.” Concepcion attributes the sustained growth to several factors, including the increase in the number of retailers and delivery licensees, the stabilization of flower prices, and a gradual reduction in the stigma associated with cannabis use. These elements have collectively contributed to making legal cannabis products more accessible, affordable, and appealing to consumers, as evidenced by the record sales figures in 2023.
Since Massachusetts voters approved cannabis legalization in 2016, and with the launch of the adult-use industry in 2018, the state has witnessed consistent growth in cannabis sales. With the market on course to surpass $6 billion in total adult-use cannabis sales sometime this year, the achievements of 2023 represent a significant step forward in the normalization and integration of the cannabis industry into the broader Massachusetts economy.
